Sahara Group plans to buy 55% stake in Beverly Hilton

NEW DELHI: The Sahara Group, fresh after a string of acquisitions of marquee hotel properties in the UK and the US, is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton hotel, a landmark Los Angeles property that has been hosting the Golden Globe Awards.

The owner of Oasis, Beny Alagem, had approached Sahara to sell 55% stake in the iconic hotel for about $340 million ( Rs 1,900 crore), a person with knowledge of the development said.

Sahara group Chairman Subrata Roy confirmed that his group was in talks.

"They had approached us sometime ago and we are in negotiations."

Oasis was not immediately available for comment. A public relations firm representing the firm did not respond to emailed queries sent by ET seeking information on the talks.

The Sahara group last month bought a majority stake in New York's iconic Plaza hotel for Rs 3,200 crore, the second iconic property it has purchased in recent years. In 2010 it acquired the Grosvenor Hotel in London.


Oasis has been scouting for an equity partner to fund expansion plans since 2011, after Alagem abandoned an earlier plan to sell the hotel for about $500 million.

Oasis plans to add a 170-room, five-star hotel and a 150-condos residential tower to the nine-acre property. The proposed hotel block, a source said, would be managed by US-based Hilton Hotels and named The Waldorf Astoria.

The 57-year-old Beverly Hilton, on the intersection of Wilshire and Santa Monica boulevards, hosts about 175 red carpet events every year, including the Golden Globe Awards. It was also in the news recently after singer Whitney Houston was found dead in one of its suites last February.

The Sahara chief, however, did not disclose how he planned to fund the acquisition of the 570-room property in Beverly Hills.

Sahara, which owns the Sahara Star hotel in Mumbai, has interests in real estate, financial services, information technology, sports and entertainment. It also owns the Pune franchise in the Indian Premier League and is part owner of Force India F1 team. On Monday, the Lucknow-based group announced plans to spend Rs 3, 000 crore ($540 million) on retail operations to sell food and household products direct to homes.